1. The European services sector holds a share of 70,7% of Europe’s GDP (2007).
Source:
The European services sectors hold a share of 70,7% of Europe’s GDP. This is slightly higher than the average share of 65% in developed countries. The services sectors have the greatest share of the countries’ GDP on average in developing countries. China is the only great economy to which the services sector is less important than the industry.
2. The European Services industries undertook 19% of total world trade, in 2007.
Source: WTO International Trade Statistics (2008)
In 2007, 19% of total world trade, which corresponds to 3290 billion US Dollars, was undertaken in the services sector. The total value of goods and services having been traded accounted for 16 909 billion dollars that year.
3. The EU is the world’s largest trader in services in 2008.
According to figures published by the International Monetary Fund, services (exports plus imports) in 2008 amounted to € 5104.7 billion (including € 1359.4 billion in intra-EU trade) — an increase of 3.0 % in value since 2007. The European Union accounted for 27.7 % of global exports and 24.1 % of imports the USA (19.4 % and 15.0 %, respectively), Japan (5.3 % and 6.3 %) and China (5.2 % and 5.9 %). see Eurostat Statistics in Focus n° 37/2010 of June 2010
4. 86% of FDI inflows to the EU were undertaken in the services sector.
Sectoral breakdown of EU FDI stocks in 2006: The distribution of EU FDI stocks among the main economic activities3 remained mainly unchanged at the end of 2006 and broadly similar for both outward and inward stocks. Investment in services took the main share, with 67.9% of total FDI assets and 78% of total FDI liabilities, followed by manufacturing (19.6% of total assets and 14.8% of total liabilities).
In absolute terms, extra-EU outward stocks in manufacturing registered a 19.6% rise and reached EUR 536.2 bn, while services gained 10% and reached EUR 1859.6 bn. Within the services sector, financial intermediation remained the predominant activity, with EUR 1164.4 bn and 62.6% of the total EU outward stock in services.As regards inward stocks from the extra-EU, services sector grew by 13.3% and reached EUR 1560.3 bn, while the manufacturing sector remained stable at EUR 295.3 bn. (Source: Eurostat – Statistic in Focus 19/2009)
Whereas 63% of EU FDI outflows were invested in services, even 86% of FDI inflows to the EU were in the services sector. Thus, more than a half of the EU’s FDI inward and outward flows took place in the services sector.
See also: Eurostat FDI Yearbook 2008
For further statistics and information on international trade in services see:
- WTO statistics on Trade in commercial services by category (pdf)
- UN Service Trade database, which provides data on the trade value in specific services traded between a selection of countries for the years between 2000 and 2008.
- The OECD’s database on Trade in Services by Partner Country. This database is available in extracts on the OECD statistics website. Obtaining full access requires a subscription.
- Eurostat (Hope page)
- Eurostat_european-union-analytical-aspects-int-trade-in-services (2007- Data 1997-2005)
- Intra-EU Share of EU International trade in services amounts to 57% in 2007 (Eurostat Statistics in Focus 57/2008)
- Eurostat_international-trade-in-services-eu 27surplus (Press release)
- EU External Surplus in International Trade in Services in 2007 grew by 22.8% (Statistics in Focus – 14/2009)
